It’s a question that seems to be on the minds of a lot of our clients lately. They’re constantly asking us whether they should buy a home or hold off until a later date. I don’t own a crystal ball, but I can give you a fact-based comparison between the market of August 2007—when we were at our absolute peak—and the market of August 2016 to help answer that question. I can also compare some numbers from both years as a whole to paint an even clearer picture.

In August 2007, there were 30,000 total active units. In August 2016, there were 5,200 units. That’s an 82% decline in active listings. As for closed transactions, there were 4,300 in August 2007 and 3,600 in August 2016. That’s a decline of about 14%.

When we look at the average days on market, the difference is truly magnified. In August 2007, there were 95 days on market. Over the entire year so far in 20016, we’ve only averaged 28 days on market. That’s a decline of 70%.

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The number of active units and the number of closed transactions have both declined.

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Another important statistic to look at is the number of transactions going under contract in seven days or less, or “quick closes.” In 2006, 8% of all transactions were quick closes. So far this year, 45% of all transactions have been quick closes. That’s an increase of 450%.

The last statistic I want to point to is the percentage of cash transactions. In 2007, that number was 10%. In 2016, that number has been 20%.

As you can see, the Denver market has done a complete 180 from where it was nearly a decade ago. The market of 2007 was fueled by bad credit whereas the market of today is being fueled by wealth.

If you have any questions about the Denver market or are interested in buying or selling, please don’t hesitate to email us or give us a call. We look forward to hearing from you!

About

The Griffith Home Team understands how important the decision to buy or sell a home is to you and your family. That’s why our goal is to listen to our clients and deliver the best possible service in the industry. Whether you´re a first-time home buyer or an experienced investor, we can help guide you through the process of buying or selling a home. Founded in 2013 by two brothers, Dustin and Chad Griffith, we are a family run business and that’s exactly how we treat our clients, “as part of the family.”

In order to meet the needs of today’s sellers and buyers, our team is designed to provide you with the best experience and expertise no matter what part of the Denver-metro you are looking in. From Fort Collins to Castle Rock, the Griffith Home Team has you covered. Dustin manages our north Denver team and specializes in the northern Denver market while Chad manages our south office and business.

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Client Testimonials

Brittany - "Working with Chad was great! Chad was really excellent about helping us position our offer. Even though there were two other offers on the home, we were able to put in a competitive offer. All throughout the contract process, his team was excellent in terms of communicating with us, answering all of our questions, and recommending other vendors. They were just really on top of it! Everything went really smoothly!"

Jennifer - "Our results were awesome while working with Dustin! He was looking for a house for us while we were in California and he ended up finding us a beautiful house! Dustin really went the extra mile. I can think of many times where he went above and beyond for us!"

Tammy - "We have sold one house, purchased another house, and purchased a property for our company with Dustin. Through each transaction, there were many things he did to help us, including walking us through homes and looking up paperwork for the land that we purchased for our company’s building. He was very knowledgeable about the building construction process. We really appreciated his business as a whole -- the girls that work with him were very helpful. There were numerous times when he went above and beyond!"